Re: Will this plan work to prevent bankruptcy and foreclosure?

Posted by catballou (207.43.76.89) on January 21, 2004 at 18:34:02:

In Reply to: Will this plan work to prevent bankruptcy and foreclosure? posted by rb41861 on January 21, 2004 at 03:53:00:

i agree with the things said on the answers. i thought the same..pay a small amount to the credit companies. that wont work. they just add on fees until there is no way to catch up, u will be charged off anyways and be in the same place and ur wasted 10 or 20 a month. we filed bankrupcty a few years ago and honestly in texas i have seen no bad repercussions. we can still get a car..havent tried on a house but we will in a few years when we move. i would say talk to a lawyer and think hard on the BK. if not ur facing years of a mess..and bad credit anyways. i think bankrupcty looks better than drawn out charge offs and such. just my opinion! have a fresh start without so many headaches. the house i dont know about at all..way too legal for me. and sounds kinda dangerous..with bankrupcty u can reaffirm ur house and keep it. charge offs r what companies do after a certain time limit..showing the account as uncollectable. it then goes to CAs and enuff said there about their tactics. settlements to me r dangerous and ur credit is still gonna be ruined as much as bankrupcty and maybe more. i would not lose my house on any account. its so important to keep it and if it was auctioned off they still come after u for the rest owed. u r facing the same 7 years either way. ur mortage plans ..well they will take that house in just a few months. and then u will have court fees. i just think u need to rethink a lot of this ...in my humble view:)..paid charge offs r just as bad on ur credit as forgetting it and letting them scream. please get some more good advice that works with the laws in ur state! im not sure they have to auction a house..in dfw they simply re sell them. there is many listed with realtors as foreclosed..back on the market. no auctions. u just need to do the least damage u can and get out frm under ur debt. that takes a lawyer..and keep all u can of ur assets. i dont think ur plan is good..im sorry. i wish u the best of luck in ur new start:).

Follow Ups:

Post a Followup